Practical Economic Questions

Why we study political economy. a. To learn how to do wisely our share in governing. The economist knows what is desirable for the people along industrial lines; the statesman sees how much of this it is possible to obtain and how to -lead the people toward this attainment. "The science of economics has to-day the important task of working directly for practical life; and on the other hand not only the statesman, but also the merchant, the manufacturer and the farmer are in duty bound to take notice of economic science, and to form their own independent judgments on the economic problems of the day, because almost daily they are compelled to give their opinions, and votes, in political and social life, on these most important economic questions." - Conrad. b. To aid in business life. A business man has to deal with economic facts, but may be successful without being a trained economist. A driver on an electric car must know some principles of electricity, but. need not be a scientific electrician. An economist can not know too much about business, for he has to do with business principles which are drawn from business facts. c. To help us in social and home life, and keep us from mistakes. "Whoever can teach the masses of people how to get five cents' worth a day more comfort or force out of the food which each one consumes, will add to their productive power what would equal a thousand million dollars a year." - Quoted in Andrews. How much of our so-called charity is cruelty! A great fire is rarely a social blessing, though it does make work. If the best goods are the cheapest, the most expensive may not be. We fail to realize fully our interdependence upon one another.